I keep finding that I am taking money out of my savings whilst trying to save for a car.. is there an account that I can deposit in and view my balance online but not allow me to transfer my savings into my spendings account? Thanks!
Thanks everyone for their help :)
I've been told it's possible, seems reasonable to me?
Open a RAMS Saver. It has a market leading bonus rate of 3 % pa if you deposit $200 or more per month and make no withdrawals.
I have one of these and they're great. I would recommend setting a low transer limit to add to the extra hoops it takes to actually move money away from it.
term deposit?
sorry I really have no idea, so with a term deposit does it allow me to keep depositing money and also how long until I can take my funds out?
Usually a year, and you would only put the money in once not continually.
hmm, is there some type of account where I can do a "term deposit" so to speak and be allowed to deposit money frequently, or even an account that I'd directly have to go into the bank to withdraw funds, being able to transfer money any time anywhere and spend money using paypass on my phone is really dangerous lol
@lachlan-02: just don't have any keycards for the account. If you can go into the bank to get money then you can equally well log in to internet banking and transfer money. Commonwealth bank have a saver account where you get higher interest if you deposit a certain amount each month, maybe $500. And you lose the interest rate if you withdraw anything. That's good motivation, to only withdraw in an emergency. Other banks would probably have something similar.
It allows you take it out depending on terms but commonly forfeit any interest earned. Some are a little stricter than others which involve withdrawal fees. Best just to ask for the various types and offers in place. Generally the more beneficial the interest the more caveats associated.
Also if the accounts are associated to your online banking it will allow transfer if the account is eligible. Best bet is just to be disciplined in your savings (learn to say no! to that extra drink on a Friday night or new gadget where you may be unnecessarily spending money).
This article seems to have been written especially for you! 🙃 and it’s from ANZ
https://www.anz.com.au/personal/bank-accounts/guides/hiding-…
“For example, ask the bank to block your ability to withdraw money from your savings account using ATMs; or ask them to pop in an extra step to get at your savings online – like having to come into the branch or call. Sometimes it pays to be lazy!”
Just ask ANZ to set up these obstacles on your savings account.
Good luck
thankyou so much, i'll give them a call tomorrow and inquire about it! :)
The closest thing that I can think of is a Notice Account
Not a lot of banks offer them to just anybody, so some googling may be required.
Thankyou, i'll also take a look into this.. this might be a good option too.
Hey mate was in a similar boat myself best thing you can do is open an account not with your bank cut up the card if you’re provided one and don’t set up online access. This was by far the most effective thing I’ve done in terms of saving. Good luck
That's a great idea! I may end up resorting to that depending on the options my bank gives me when I inquire. Thanks!!
Cheers, also the notice saver is a great idea as well. Didn't know this existed
If you want to make it really hard to get money back loan it to some friends or family
Move to CBA, their ATM and credit card don't work.
LOL
It's so true though, paypass doesn't work at wollies sometimes with cba!
Wow, people can have so little self control?
oh grow up, i'm a 16 year old saving for a car.. i transfer all the money i earn into my savings the day i receive it. don't you think that's self control in itself, most 16 year olds have no savings at all, at least i am making an effort.. and when i say i can't help myself i don't mean im spending all of it.. i'm talking about 1/5 of what i save every week i end up taking back out again. id love to see your savings at 16.. and i've had the self control to do something about it so how about keep your opinions to yourself.
Your problem is transferring all your money to savings, then you have to access it for living expenses. Only transfer the money that you don't need for day-to-day life. Then you'll never have to withdraw.
that is true, I should think about giving myself just say $50 a week for expenses and then the rest in savings, last week I spent $130 in the one week which just under 1/3 of what I earned, keeping in mind I'm 16 and really don't have any bills. That's $6,700 in a year that I didn't really need to spend.
@lachlan-02: yeah, give yourself an amount of pocket money each week, good idea. Trying to spend no money at all is too lofty of a dream, kind of like trying to lose weight by suddenly never touching another piece of chocolate or soft drink again. Moderation and control are key :-)
@lachlan-02: welcome to life, you get to my age and wonder where the f*** it all went
Like others have said, chuck 200 a week into savings, and the rest in a jar. Only use the jar to buy lollies, condoms, KFC, whatever a 16 year old buys… and have a no touch policy on the rest.
If you earn $202 that week, guess what, you aren't having a fun week.
By year end you will have roughly 7k
And well done for your savings.
@unclesnake: Hahaha, I'm trying to save 20k by August next year.. it's alot for my age I know but hopefully it teaches me how to save and some self discipline, wish me luck!
You haven’t got the self control to do something about it, you’ve simply got an idea about doing something. If you had the self control to save according to your savings plan this thread wouldn’t exist.
Self control will get you places young man. Go spend all your money, save it, do whatever - no one really cares.
obviously people care, putting limits on your account is a real thing, i spoke to the anz rep and she said it's very common.. and yes I am following my savings plan, it has gone accordingly yet the extra money i have earned that i didnt include in my savings plan has gone to waste.
@lachlan-02: well keep up the good work and keep saving them. Remember owning a car costs more than simply buying a car, you need to factor in rego/insurance/servicing costs/fuel.
Things are a lot different now to what they used to be. Many people have savings accounts linked to their spending accounts. YOu only need to have a moment of weakness when you're out having a drink or see something at the shops you really want.
OP making the admission that he is saving as much as he could and wanting to implement change is enough for me and the wider community to want to help. Your comment is not constructive and extremley critical.
Let me guess, your mum and dad bought your first car? OP is being proactive and looking to purchase this himself which in terms will set up better savings habits going forward.
thankyou phil, yes I'm trying to save and purchase the car myself so I take pride in what I have worked for.. pity some people get these things handed to them. lol
My old neighbour posted her ATM card to herself every Thursday, true story, would get it back Monday/Tuesday
You can even put no stamp on it and have it just return sender (maybe)
hahaha, that's a great idea yet i think all the interest i'd be earning would be countered by the cost of the stamp! lol
Yeh I don't recommend it
Also you can put card in freezer bag in your freezer, card comes good after a while, but means you don't have instant access to it.
Not sure if this legit or not
Maybe you could freeze it in a big ice cream container full of water. The time to break the ice or wait for it to melt would put you off buying something :)
Open us Rams Bank account online
Your Bonus 3% IR is reduce if u ever withdraw
just open a joint account, & make it 2 signatures required to withdraw funds & tell the other person to not sign until you reach your target amount.
cut your atm card up.
All my funds used to go straight into my savings account. I will then only put $100 into the ATM/spending account. Makes me think twice about big purchases and also kindoff a 'check' for you to note your spending.
put money in super
buy car when 60yo
(profanity) super
Here is an idea that might work.
First open a Rabodirect High Interest Savings Account - which is an online savings account. It needs to be linked to your regular bank account - say your ANZ account. To access money deposited here, you need to transfer it to your regular account. The lag time (up to one day) before it appears in your regular account means less temptation/opportunity for spending it. So this is the funds at-call option.
If this is still too much temptation and does not work (or you simply want to get a better return on your savings), then you can do this: Once you have opened this HISA (main) account, and have a login, you will be able to open the NoticeSaver(NS) accounts with just a few clicks. There are three: NS31, NS60, NS90. They require you to give notice of 31, 60 and 90 days respectively, before you can access funds deposited in them. Consider depositing funds into one or more of these accounts. And the trick is DO NOT provide a notice. Therefore, your funds will stay in the account(s) indefinitely. They give rather attractive interest too, currently 2.5, 2.55 and 2.7% respectively. You can add incremental sums to them, as well as withdraw whatever sums from them, as long as you provide notice. To cover emergencies, you can also have some in the HISA account, which is at-call.
Whatever you end up doing, all the best on the savings front :-)
PS. It just occured to me there might be age restrictions on opening certain accounts, so I went and checked. For this account, if you are over 16, you are eligible.
Great constructive advice
OP wants an ANZ account. Not a Robo account.
No need to go to Rabo when OP can jut open an online savings account with ANZ.
Try cutting your card up and throwing it in the bin.
I would suggest asking your mother to open an account in her name (with somewhere that does free accounts - like a credit union). Deposit money into that account, and tell her to hide the ATM card.
Then she gets to declare the interest in her tax return.
The amount of interest on that kind of money will be trivial.
All banks have accounts without keycards but if you can see the transaction online you can obviously transfer it to your bank account that you use,
You can cut up the card that is for your savings account but it is really about self control.
The ANZ Online saver will do the trick for you.
I have about 5 accounts with 1 bank, and I find myself doing the same (transfering from savings into 'spendings' account). What you could do, is open an account at another bank. Destroy card, or have card-free account. Then you should be able to view online how much you have, without such ease of instant transfer and then ATM withdrawal .
NO, No, no. Putting an extreme restriction like this on yourself is not the way to go.
You're 16 and trying to save up for a car. That's cool having a goal like this already and if you succeed, you'll have a car!
But there's an opportunity for you to get something much more valuable here, for free. It's called self discipline.
https://www.youtube.com/watch?v=tdbORXEmbnk
Learn how to manage your money. Open up a high interest account like Ubank (ING won't work for you as you probably aren't earning >$1000 / month)
Put all your money in the 2.8% interest account, and set yourself a weekly budget. Each week, send $budget into your transaction account, and use that.
Once you start practicing good habits like this, they'll become second nature, and it won't be hard to keep them going.
There are some rare circumstances where I'd say external intervention is appropriate (eg. rehabilitation clinics) but try to develop some self control first lol.
I'm earning around $350-$400 a week, so the ING account would be something I could look into. What kind of interest would I be earning and is it really worth switching banks? Thanks.
What kind of interest would I be earning
2.8%
is it really worth switching banks?
You don't have to close ANZ, just have ING in addition to ANZ. And yes, it's worth it. Changing banks is fairly frictionless and is just good practice for later when you have more money coming in. Too many people older than me are stuck with the bank they've been with since they were kids, losing thousands of dollars per year.
High interest accounts are certainly worth looking at, to make your savings grow faster (even by a little bit :-)). If you are looking at ING or any banks offering high interest rates, please note the conditions to fulfill each month, otherwise, you will get the low base rate.
Just as an example, in ING's case, you need to deposit at least $1000 each month, and have at least 5 card transactions, to qualify for the 2.8%. Otherwise, you will only get the base rate of 1.15%.
Have a look at OzBargain Poll on best saving accounts as a starting point, to research which account will suit you personally.
Bit tricky with some of these high interest accounts, you have to be 18yrs old. E.g.Ubank, Rams. ING is 13yrs from memory.
Yes open an online saver (has no card and high interest) ask for U access meaning you cannot move money out of it in internet banking only into it. To access your funds again you need to go into a branch or call 13 13 14. Simple quick and stops you when you are tempted to transfer a sneaky 500 across during a night out. Thanks
This is exactly what I did it took less than 2 mins, thankyou for your help!
you could open an account with 2 to sign (say a parent) and then you won't be able to withdraw money
You could try talking to the bank. The bank has the ability to put your account into a "post credits only" ("PCO") mode. As the name suggests this allows only for credits to be posted against the account, except for "mandatory debits" such as any fees, etc. that you may incur. This is an uncommon situation, but may be worth asking.
I've spoken to the bank and the issue has been resolved, see the update above. thanks for your help though! :)
No why would make it a lot of work for themselves